What the Board did
At its November 19, 2025 meeting, the FASB added a project to its technical agenda on the accounting for transfers of crypto assets. The project has two workstreams: (1) potentially revising the scope criterion in ASC 350-60-15-1 so that crypto assets providing the holder with a right to receive another crypto asset — wrapped tokens and receipt tokens — can qualify for ASC 350-60 fair value accounting; and (2) clarifying derecognition guidance for crypto transfer arrangements, assessing whether control of a crypto asset has been transferred. The Board directed the staff to research a principles-based approach leveraging existing Topic 606 control guidance and repurchase-agreement provisions before considering other alternatives.
Codification references
- ASC 350-60-15-1
- ASC 606-10-25
Sources
Project context
This action is part of the FASB project Accounting for Transfers of Crypto Assets. Addresses wrapped and receipt tokens — crypto assets conveying a right to receive another crypto asset — and derecognition guidance for crypto transfer arrangements.
Next expected milestone: Derecognition guidance under deliberation; proposed ASU with a 90-day comment period expected; final ASU likely 2027.